Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0172%/8h= +18.8% APRpaid last 24h +0.110%

Price spread now: Coinbase International against Bitget+0.555%7-day average +0.218% · you sell dearer than you buy

Net, funding: paid 7d − costs+$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$610.614% of the position

Long on Bitget Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.814%+$81 on $10k

Price spread, last 4 days (all we have)−0.330%−$33 · spread now +0.555%, 7d avg +0.218%

Together, before fees+0.483%+$48 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Coinbase International is 0.337% dearer against Bitget than usual: you sell high and buy low: +$34 more if the spread goes back to its 7-day average of +0.218%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget ONDOUSDT	0.4322	0.0100	pay 0.0050% / 4h	2h 42m	$24.7M	$39.9M	50x
Short	Coinbase International ONDO-PERP-INTX	0.4346	0.0272	get 0.0034% / 1h	42m 45s	$218K	$767K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bitget. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BitgetbpFee Coinbase InternationalbpOrdersPrice spread, now +0.555%Rate

Funding earned: $36.12
Price spread: +0.555% → +0.218%: $33.71
Slippage, 4 orders: −$39.4
Fee Bitget: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $8.44
Costs to cover: 0.614%
Break-even: 5.4 days

Slippage from Bitget: live order book, 1 min ago; Coinbase International: live order book, 6 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Bitget live order book, 1 min ago	2.31 bp	10.6 bp −$11	18.4 bp −$184	92.0 bp −$9,197	doesn't fit
Sell Coinbase International live order book, 6 min ago	8.07 bp	13.6 bp −$14	56.9 bp −$569	doesn't fit	doesn't fit

ONDO on 39 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_ONDOUSD	−0.0242%	1h	0.4317	−0.110%	$2.5M	$7.8M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4319	−0.069%	$18K	$362K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4320	−0.043%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0029%	1h	0.4321	−0.013%	$247K	$133K	5x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.692%	$888	$216K	5.5x	as long as short
01 Exchange ONDOUSD	+0.0048%	1h	0.4320	−0.042%	$356	$2K	10x	as long as short
Lighter ONDO	+0.0096%	1h	0.4324	+0.039%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4319	−0.069%	$23K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4323	+0.023%	$350K	$874K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4323	+0.023%	$36.2M	$25.9M	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ONDOUSDT	+0.0100%	4h	0.4321	−0.023%	$778K	$2.6M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4319	−0.061%	$62.2M	$234.3M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4316	−0.139%	$67.2M	$125.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4318	−0.093%	$17.2M	$72.6M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4325	+0.076%	$71K	$82K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4320	−0.050%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4320	−0.046%	$12.1M	$16.3M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4318	−0.093%	$42.8M	$41.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4322	0.000%	$12.1M	$10.6M	50x	as long as short
Bitget ONDOUSDTlong	+0.0100%	4h	0.4322	long leg	$24.7M	$39.9M	50x
BingX ONDO-USDC	+0.0100%	4h	0.4321	−0.023%	—	$762K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4319	−0.062%	$176K	$986K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4329	+0.156%	$665K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4335	+0.297%	$4K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4328	+0.137%	$408K	$1.2M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4330	+0.185%	$133K	$355K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4321	−0.012%	$67K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4321	−0.023%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4320	−0.046%	$449	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4331	+0.208%	$128K	$428K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4319	−0.069%	$4.1M	$8.2M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4318	−0.101%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4318	−0.094%	$387K	$793K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4322	−0.010%	$37K	$13K	3x	as long as short
Coinbase International ONDO-PERP-INTXshort	+0.0272%	1h	0.4346	+0.555%	$218K	$767K	50x
Phoenix ONDO	+0.0332%	1h	0.4331	+0.213%	$34K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4322	0.000%	$3.1M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0561% / S −0.0197%	1h	0.4319	−0.061%	$486K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1155%	1h	0.4321	−0.022%	$2K	—	20x	as long as short